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 October 21, 2015 - 4:28 PM EDT
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LINN Energy Completes Borrowing Base Redetermination; Announces Third Quarter 2015 Earnings Conference Call

HOUSTON, Oct. 21, 2015 (GLOBE NEWSWIRE) -- LINN Energy, LLC (Nasdaq:LINE) (“LINN” or the “Company”) announced today that it has completed its Fall 2015 borrowing base redetermination and entered into key amendments which provide additional flexibility in the current market environment.  Following the redetermination, LINN’s maximum borrowing availability under its credit facility has been reduced to $3.6 billion and the borrowing base under the credit facility for Berry Petroleum Company, LLC (“Berry”) has been reduced to $900 million, including $250 million of restricted cash previously posted as collateral with Berry’s lenders.  The Company’s lenders have also approved a potential combination of the LINN and Berry credit facilities under certain conditions, subject to a combined borrowing base of $4.05 billion.  LINN currently has undrawn capacity of approximately $790 million, assuming borrowings outstanding as of September 30, 2015.

As part of the redetermination, LINN and Berry each entered into an amendment to their respective credit facilities.  Among other items, the amendments include the ability to incur junior lien indebtedness, a reduction in the minimum interest coverage ratio and increased ability for LINN to divest assets which do not contribute to its borrowing base.  Under the terms of the amendments, LINN and Berry may incur up to $4 billion and $500 million, respectively, of junior lien indebtedness, in each case subject to borrowing base reductions in certain circumstances.  In addition, the Company’s minimum interest coverage ratio has been reduced from 2.5x to 2.0x through December 31, 2016, increasing to 2.25x through June 30, 2017, and then returning to 2.5x on July 1, 2017.

THIRD QUARTER 2015 EARNINGS CONFERENCE CALL

Management will host a conference call on Thursday, November 5, 2015, at 10 a.m. Central (11 a.m. Eastern) to discuss the Company’s third quarter 2015 results.  Prepared remarks by Mark E. Ellis, Chairman, President and Chief Executive Officer, and David B. Rottino, Executive Vice President and Chief Financial Officer, will be followed by a question and answer session.

Investors and analysts are invited to participate in the call by dialing (855) 319-4076, or (631) 887-3945 for international calls using Conference ID: 53394280.  Interested parties may also listen over the Internet at www.linnenergy.com.

A replay of the call will be available on the Company’s website or by phone until 4:00 p.m. Central (5 p.m. Eastern), November 19, 2015. The number for the replay is (855) 859-2056, or (404) 537-3406 for international calls using Conference ID: 53394280. 

ABOUT LINN ENERGY

LINN Energy’s mission is to acquire, develop and maximize cash flow from a growing portfolio of long-life oil and natural gas assets. LINN Energy is a top-20 U.S. independent oil and natural gas development company, with approximately 7.3 Tcfe of proved reserves in producing U.S. basins as of December 31, 2014. More information about LINN Energy is available at www.linnenergy.com.

ABOUT LINNCO

LinnCo was created to enhance LINN Energy’s ability to raise additional equity capital to execute on its acquisition and growth strategy. LinnCo is a Delaware limited liability company that has elected to be taxed as a corporation for United States federal income tax purposes, and accordingly its shareholders will receive a Form 1099 in respect of any dividends paid by LinnCo. More information about LinnCo is available at www.linnco.com.

SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS

This press release includes “forward-looking statements.” All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes, targets or anticipates will or may occur in the future are forward-looking statements. These statements include, but are not limited to forward-looking statements about acquisitions, divestitures and trades, potential strategic alliances, timing and payment of distributions, and the expectations of plans, strategies, objectives and anticipated financial and operating results of the Company, including the Company’s drilling program, production, hedging activities, capital expenditure levels and other guidance included in this press release. These statements are based on certain assumptions made by the Company based on management’s experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include risks relating to the Company’s financial performance and results, availability of sufficient cash flow to pay distributions and execute its business plan, prices and demand for oil, natural gas and natural gas liquids, the ability to replace reserves and efficiently develop current reserves and other important factors that could cause actual results to differ materially from those projected as described in the Company’s reports filed with the Securities and Exchange Commission. See “Risk Factors” in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other public filings and press releases.

Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.

LINN ENERGY, LLC

Investors & Media:

Clay Jeansonne - Vice President - Investor Relations
281-840-4193

Sarah Nordin - Public Relations & Media
713-904-6605

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Source: GlobeNewswire (October 21, 2015 - 4:28 PM EDT)

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